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Great Expectations - Time for the Cloud?

3rd Sep 2015
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Award winning Digita Software from Thomson Reuters.

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Much has already been written about the benefits of moving your practice software to the cloud.  Benefits such as hardware cost-savings, improved data security and recovery are well documented.  But what about client expectations?   

 

While some practice owners may be reluctant to move away from spreadsheets to what they might perceive as a fly-by-night, flash-in-the-pan technology, it’s worth remembering this isn’t just about keeping up with what your competitors are doing.  It's also about meeting your clients' expectations and attracting the next generation of business owners.

 

It's inevitable that your existing clients will get older and that younger clients will come on board.  And, with today's rapidly-advancing technologies, it's also inevitable that many of the younger clients will have different expectations compared to (some) of your previous clients. (I say “some” since many Boomers and Gen X clients are also seizing the opportunities provided by modern technology.)

 

The 'Facebook generation' won’t accept “I’ll put it in the post” or “I’ll send you an email when I'm back in the office” as acceptable levels of service.  Like it or not, there is already a 'right here, right now' expectation.  An expectation that you will always be available. An expectation that your 'virtual' office is always open.

 

Putting your services in the Cloud really can help to attract the next generation of young entrepreneurs, who are excited about utilising the latest technologies to grow their business. Clients are becoming increasingly attracted to real-time accounting and being able to access their financial information whenever they want and wherever they are.  As long as they have an Internet connection, they're away.  It's easy!

 

Storing client data in the Cloud allows you to access data 24/7 to offer the service your clients are increasingly beginning to expect.  Having an integrated client portal coupled with mobile technology means your client can share their tax information with you instantaneously.  Portals also allow instant communication which is, thanks to the likes of 'Instant Messaging', now fast becoming the norm.

 

Recent research carried out by Digita revealed that 54 per cent of accountants are looking to introduce cloud software to their practice over the next 12 months whilst 41 per cent consider client portals to be an important next step in their investment strategy. It's good to see practices are taking investment in technology seriously and that they realise just how vital it is to enable and sustain growth.

 

One of the biggest advantages of cloud accounting is that it provides small businesses with the flexibility to access data on the move and make decisions based on real-time information.

Clients can get an instant snapshot of cash flow and, if necessary, pay a bill or send an invoice wherever they are.

 

Yes, there are also obvious tangible cost-savings in that there are no servers and fewer IT staff to worry about, and being paperless means storage real estate is kept to a minimum. But one of the biggest drivers for change is - we believe - client expectation.

 

So, is it time to embrace the Cloud? One thing is for sure, if you don’t embrace the opportunities to work more efficiently and attract clients with 'Great Expectations', rest assured, others will.

 

Andrew Flanagan

Digita

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